FirstService (FSV) Investor presentation summary

Business overview

• Essential outsourced property services leader in the U.S. and Canada, with $5.6BN TTM revenue and $570MM TTM adjusted EBITDA as of June 30, 2026.

• TTM revenue mix was 58% Brands and 42% Residential; geographic revenue split was 89% U.S. and 11% Canada.

• 30,000 employees; dual-listed on TSX and Nasdaq under ticker FSV; annual dividend of US$1.22 per share.

Business model and growth

• Stated long-term model targets 10% average annual top-line growth, driven equally by organic growth and tuck-under acquisitions.

• Contractual revenue, high retention, repeat business and referrals support predictable recurring cash flow; modest capex supports free cash flow and capital returns.

• Revenue CAGR was 18% over 30 years, with organic growth contributing more than 50%; 2020–25 revenue CAGR was 15%.

• Growth priorities include customer retention, repeat and referral business, ancillary services, new geographies, in-market tuck-under acquisitions and complementary service lines.

Residential division

• 2025 revenue of $2.3BN, 9,500+ communities, mid-90%+ contract retention, 100 offices across 25 regional markets and 20,000 employees.

• 2025 revenue by property type: high-rise condos 38%, master-planned single-family HOAs 34%, low-rise condos 21%, lifestyle 4% and other 3%.

• Revenue by service: property management fees 56%, ancillary on-site services 18%, pool and amenity management 16%, and transaction services 10%.

• U.S. and Canadian market opportunity includes 400,000 community associations and 32MM housing units; estimated market share is 6–8%, with 35% of associations self-managed.